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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950137-07-016187.txt : 20071218
<SEC-HEADER>0000950137-07-016187.hdr.sgml : 20071218
<ACCEPTANCE-DATETIME>20071030100546
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950137-07-016187
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20071030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLARCOR INC
		CENTRAL INDEX KEY:			0000020740
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				360922490
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		840 CRESCENT CENTRE DRIVE
		STREET 2:		SUITE 600
		CITY:			FRANKLIN
		STATE:			TN
		ZIP:			37067
		BUSINESS PHONE:		(615)771-3100

	MAIL ADDRESS:	
		STREET 1:		840 CRESCENT CENTRE DRIVE
		STREET 2:		SUITE 600
		CITY:			FRANKLIN
		STATE:			TN
		ZIP:			37067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLARK J L MANUFACTURING CO /DE/
		DATE OF NAME CHANGE:	19871001
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="c21060c2106000.gif" alt="(CLARCOR LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">October&nbsp;24, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;David R. Humphrey<BR>
Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street N.E.<BR>
Mail Stop 3561<BR>
Washington, D.C. 20549-3561

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>CLARCOR Inc.<BR>
Form&nbsp;10-K for the year ended December&nbsp;2, 2006<BR>
File No.&nbsp;001-11024</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Humphrey:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are in receipt of your letter, dated October&nbsp;18, 2007, asking that CLARCOR provide
additional or revised information in future filings with the Commission with respect to specific
matters raised in your letter. Our response is set forth below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Liquidity and Capital Resources</B></U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 4%"><U><B>Contractual Obligations, page 23 </B></U><BR>
We will include scheduled interest payments in the table of fixed cash obligations. As these interest payments are generally variable, we will also provide disclosure on how the
estimated interest amounts were determined.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Notes to Consolidated Financial Statements</B></U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 4%"><U><B>Accounting Policies</B></U><br>
<U><B>Revenue Recognition, page F-10</B></U><br>
You are correct that shipping and handling costs are included in cost of sales.<br>
We will revise our wording in footnote A to clarify this.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><U><B>Acquisition of Minority Interest, page F-12 and Page 14</B></U><br>
We will remove reference to an &#147;expert&#148; in our disclosure on acquisitions and make it clear
that the valuation and assignment of costs is the responsibility of management. We will do
this for all acquisition disclosures where this is the case, including the acquisitions of
MKI and Filtrel, as noted in your letter and will make such disclosures in future 10-K and
10-Q filings with the Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 24pt">
840 Crescent Centre Drive, Suite 600<BR>
Franklin, Tennessee 37067<BR>
(615) 771-3100
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><U><B>Page 8 of </B><B>Form 10-QSB</B><B> for June&nbsp;2, 2007- The Sinfa acquisition</B></U><BR>
The $2&nbsp;million purchase price for the outstanding 20% minority interest retained by the
former owners of Sinfa was an estimate based upon a formula in the purchase agreement
between the parties. In CLARCOR&#146;s financial statements, this option is treated on a
combined basis with the minority interest and recorded as a long-term liability in CLARCOR&#146;s
consolidated balance sheet. The liability is marked to fair value each reporting period to
reflect the Company&#146;s best estimate of the cost to acquire the remaining interest in Sinfa
SA. As stipulated in the purchase agreement between the parties, the Company&#146;s estimate of
the option value is based on a formula which is the average of operating profit over a
three-year period immediately preceding the option becoming exercisable times a multiple
agreed to by the parties to the agreement. The change in the estimate during each reporting
period is recorded as part of other income and expense in CLARCOR&#146;s financial statements.
The estimated obligation to purchase the remaining interest in Sinfa SA is not material to
CLARCOR&#146;s financial statements, and the fair value adjustments are not expected to be
material in future reporting periods.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">CLARCOR considered Emerging Issues Task Force 00-04, &#147;Majority Owner&#146;s Accounting for a
Transaction in the Shares of a Consolidated Subsidiary and a Derivative Indexed to the
Minority Interest in that Subsidiary&#148; and concluded that the scenarios described in EITF
00-04 and suggested accounting treatments presented therein were the most analogous to this
transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with your letter, we also provide you with the following acknowledgments:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CLARCOR is responsible for the adequacy and accuracy of disclosures in this filing with
the Commission;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CLARCOR understands that SEC staff comments or changes in disclosures in response to SEC
staff comments do not foreclose the Commission from taking any action with respect to this
filing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CLARCOR may not assert SEC staff comments as a defense in any proceeding initiated by
the Commission or any person under federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We trust that we have fully answered the Commission&#146;s inquiries and have been responsive to
its requests. We understand that the Commission&#146;s review process is to assist us in our compliance
with applicable disclosure requirements and to enhance the overall disclosure in our filings. We
appreciate the Commission&#146;s attention and assistance. Please contact the undersigned with any
questions at 615-771-3091 or at <u>bklein@clarcor.com</u>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Bruce A. Klein
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bruce A. Klein<BR>
Vice President- Finance &#038; Chief Financial Officer

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Norman Johnson, Chairman &#038; Chief Executive Officer, CLARCOR Inc.<BR>
Richard Wolfson, Vice President &#038; General Counsel, CLARCOR Inc.<BR>
Kim Orr, Vice President &#038; Corporate Controller, CLARCOR Inc.<BR>
James Callihan, Partner, PricewaterhouseCoopers<BR>
Page Davidson, Bass Berry &#038; Sims</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>


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